MIRVAC GROUP — Interim / Quarterly Report 2013

Oct 24, 2012

by mirvac fy13 q operational update

25 october 2012

Artist’s impression of old treAsury building, perth, wA

AgendA

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fy13 Q1 operational update

introduction

Q1 operational update investment division u date p develo ment division u date p p summar and guidance y

James macKenzie, Chairman Andrew butler, Ceo — investment Andrew butler, Ceo — investment brett draffen, Ceo — development brett draffen, Ceo — development

by mirvac

fy13 q1 operational update 25 october 2012

pAge 1

Q1 operAtionAl updAte

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investment division — mpt

maintained strong portfolio occupancy at 98.3%[1]

strong portfolio wAle of 7.2[1] years (100% building nlA) and 5.4[2] years (mpt’s % ownership by income)

53.2%[3] of fy13 lease expiries now committed

develo ment division p

on track to achieve fy13 target of 1,800 lots > 331 lots settled over the quarter

de-risking development > 59.9% of fy13 ebit[ 4] secured

75.8%[ 5] of harold park, nsw precinct 1 pre-sold

grou p

susan lloyd-hurwitz, Ceo and managing director commencing 5 november 2012

greg dyer, finance director commenced 4 september 2012

50% sale of old treasury building, wA for $165.0m > second transaction with Keppel reit

• 1) by area, excluding assets under development, based on 100% of building nlA.

• 2) by income, excluding assets under development, based on mpt’s ownership.

• 3) includes signed leases and hoAs.

• 4) excluding sales and marketing costs, and overheads.

• 5) As at 24 october 2012.

by mirvac

fy13 q1 operational update 25 october 2012

pAge 2

inVestment diVision – mpt

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broAdwAy shopping Centre, sydney, nsw

by mirvac

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fy13 Q1 operAtionAl updAte 25 oCtober 2012

inVestment diVision – mpt

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mpt’s robust portfolio continues to deliver strong results

maintained high portfolio occupancy of 98.3%[1]

strong portfolio wAle of 7.2[ 1] years (100% building nlA) and 5.4[ 2] years (mpt’s % ownership by income) > 30,205sqm of lease deals executed over the quarter > 53.2%[ 3] of fy13 lease expiries now committed

~~Lease expiry profile by income and variance to FY12[ 2]~~

MPT occupancy and WALE

60%	60%
50							50.3%
40
30
20
10		7.7%	9.3%	9.3%	12.9%	8.6%
0	1.9%
	VACANT	FY13	FY14	FY15	FY16	FY17	BEYOND
	0bp	-210bp	-10bp	+10bp	+20bp	+20bp	+160bp

	Occupancy1	Occupancy1	WALE 1	WALE 1	WALE 2	WALE 2
Sector offce	Q1 FY13 97.4%	FY12 97.8%	Q1 FY13 5.7yrs	FY12 5.8yrs	Q1 FY13 5.7yrs	FY12 5.9yrs
retail	99.5%4	99.1%4	5.7yrs	5.8yrs	4.1yrs	4.2yrs
industrial	99.5%	98.7%	11.0yrs	11.1yrs	8.3yrs	8.4yrs
MPT	**98.3% **	**98.4% **	**7.2yrs **	7.4yrs	**5.4yrs **	5.6yrs

• 1) by area, excluding assets under development, based on 100% of building nlA.

• 2) by income, excluding assets under development, based on mpt’s ownership.

• 3) includes signed leases and hoAs.

• 4) occupancy excluding bulky goods. occupancy including bulky goods Q1 fy13 98.7% and fy12 99.2%.

by mirvac

fy13 q1 operational update 25 october 2012

pAge 4

inVestment diVision – mpt

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office

• high 97.4%[1] occupancy > including signed leases and hoAs 98.1%

• maintained strong wAle of 5.7[1] years (100% building nlA) and 5.7[3] years (mpt’s % ownership by income)

• leased 16,620sqm of office space

• 63.4%[2] of fy13 lease expiries now committed

retail

• high occupancy at 99.5%[ 1] (ex. bulky goods) and 98.7%[ 1 ] (inc. bulky goods)

• maintained strong wAle of 5.7[ 1] years

• (100% building nlA) and 4.1[ 3] years (mpt’s % ownership by income)

• non discretionary asset focus at 86.4%[4]

> sustainable occupancy costs of 14.4%[5]

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Artist’s impression of 8 Chifley sQuAre, sydney, nsw

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Comparable Comparable
MAT growth MAT growth
MPT Retail sales by category Q1 FY13 FY12
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	non-food majors food majors mini majors	(0.1)% 2.9% 0.3%	(1.1)% 2.7% (4.7)%
	specialities	(0.1)%	0.0%
	other retail	2.2%	3.2%
	Total portfolio	1.2%	0.6%

• 1) by area, excluding assets under development, based on 100% of building nlA.

• 2) includes signed leases and hoAs.

• 3) by income, excluding assets under development, based on mpt’s ownership.

• 4) includes sub-regional and neighbourhood centres.

• 5) excludes Cbd centres. including Cbd centres 15.2%.

by mirvac

fy13 q1 operational update 25 october 2012

pAge 5

CommerCiAl mArKet outlooK[1]

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office

weighting fy13 medium term Continuing economic weakness throughout europe and a slowing in China raises the forecast prospect of weaker domestic activity. whilst business confidence has deteriorated, 57.6%[2] the office market remains partially insulated by a lack of supply. over the september quarter net absorption was negative for the first time since June 2009 and vacancy rates increased marginally. rental growth is likely to remain flat over the short term, with the exception of perth Cbd. retail weighting fy13 medium term the environment for retailers remains challenging. in spite of government and forecast central bank stimuli, spending headwinds remain in the form of slowing income 27.2%[ 2] growth, a preference for “experiences” over goods and a tendency for consumers to rebuild their household balance sheet. however, retail vacancy rates are expected to remain stable for centres in dominant catchment areas, as a consequence, rental growth is likely to moderate.

industrial

weighting fy13 medium term the industrial sector ended the financial year on a subdued rent and demand note forecast which has continued into the first quarter of fy13. supply activity remains restrained 8.3%[ 2] with the majority of stock being pre-committed.

• 1) management forecast.

• 2) by book value as at 30 June 2012 excluding carparks and a hotel, including assets under development and indirect investments.

by mirvac

fy13 q1 operational update 25 october 2012

pAge 6

deVelopment diVision

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Artist’s impression of hArold pArK, glebe, nsw

by mirvac

pAge 7

fy12 Q1 operAtionAl updAte 25 oCtober 2012

deVelopment — Q1 ACtiVity

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Commercial developments provide pipeline for earnings

Construction on track with lease fit-out work to commence in early 2013 at 8 Chifley square, nsw

Construction commenced at old treasury building, wA

dA submitted with expected demolition early 2013 at 190-200 george street, nsw

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FY14 FY15 FY16
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Artist’s impression of 8 Chifley sQuAre, sydney, nsw

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Artist’s impression of old treAsury building, perth, wA

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Artist’s impression of 190-200 george street, sydney, nsw

by mirvac

fy13 q1 operational update 25 october 2012

pAge 8

deVelopment — Q1 ACtiVity

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diversified product strategy delivers resilience > on track to achieve fy13 target of 1,800 lots > 331 lots settled over the quarter > 59.9% of fy13 ebit[ 1] secured

A artments p

• 85.1% pre-sold and fy13 settlements 100% exchanged at yarra point, ViC

• 75.8%[ 2] pre-sold and dA approved at harold park, nsw precinct 1

• dA approved and expected launch november 2012 at harold park, nsw precinct 2

• 43.4% pre-sold and display suite opened september 2012 at yarra’s edge, Array, ViC

master lanned Communities p

• nsw projects experiencing strong demand > elizabeth hills, nsw, middleton grange and googong, nsw with stage 1 and stage 2 76.7% pre-sold

• gained approval rockbank, ViC structure plan > settlements expected fy15

• wA recovery showing a continued improvement in the perth market > mandurah, wA and Jane brook, wA on track

• 1) excluding sales and marketing costs, and overheads.

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Artist’s impression of hArold pArK, glebe, nsw

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Artist’s impression of googong, QueAnbeyAn, nsw

• 2) As at 24 october 2012.

by mirvac

fy13 q1 operational update 25 october 2012

pAge 9

deVelopment — Q1 ACtiVity

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development division focused on forward visibility and de-risking > $880.3m[1] in exchanged pre-sales contracts

exchanged pre-sale contracts will be supplemented with upcoming fy13 releases including harold park, nsw precinct 2

target lots achieved to date

		Lots settled FY target	Lots settled FY target
Q1 fy13		331	1,800
Q1 fy12		395	1,800
	major projects under	construction
	project	stage and targeted completion	exchanged pre-sale contracts	% construction completed
yarra’s edge, ViC		yarra point>fy13 contribution 100% pre-sold	85.1%	>80%
harold park, nsw		precinct 1 > on track fy14	75.8%	0%
Chatswood, nsw		era > on track fy14	98.0%	>20%
rhodes waterside, nsw		pinnacle > on track fy14	60.0%	>20%
yarra’s edge		Array > on track fy16	43.4%	0%
8 Chifey square, nsw		on track fy14	—	>70%

major projects under construction

forecast fy13 development ebit[ 2] contribution from Victoria

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ViC
> 91.3% of fy13
Victoria forecast
ebit [ 2] is secure
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• 1) total exchanged pre-sales contracts as at 30 september 2012, adjusted for mirvac’s share of JV’s, associates, and mirvac’s managed funds.

• 2) excluding sales and marketing costs, and overheads.

by mirvac

fy13 q1 operational update 25 october 2012

pAge 10

residentiAl mArKet outlooK[1]

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the housing market fundamentals continue to improve. the combination of declining property prices, rising incomes and lower borrowing costs has resulted in a significant improvement in housing affordability, while mortgaging is becoming increasingly attractive compared to renting. Additionally, population growth has picked up, and looks like doing so further.

the changing preference of new migrants, the aging of the population and increasing incidence of smaller households of couples without children and one parent families suggests the growing preference for medium density living will continue, particularly in the south eastern states.

NSW

NSW
weighting		fy13		medium term		dwelling approvals in new south wales, after an initial recovery following the global fnancial crisis (“gfC”), are now
32.6%2				forecast		increasing close to their pre-gfC levels. the low rental vacancy rate and solid rental growth points to strong underlying demand. in conjunction with the improving housing market fundamentals, the announcement of land supply measures
						by the state government and incentives for frst time purchasers of new properties should provide a further boost in
						demand.
VIC
weighting 30.4%2		fy13		medium term forecast		following a post-gfC uplift, the Victorian property market has become more subdued, as evidenced by slowing volumes and falling prices; more so for houses than medium density accommodation. the appreciation of the Australian dollar has continued to suppress the state’s manufacturing sector, with investment still biased towards the resource states. while the
						improving fundamentals will boost the property market, Victoria is still likely to under perform the other main states (new
						south wales, Queensland and western Australia).
QLD
weighting		fy13		medium term		the Queensland residential property market has been adversely impacted by the high Australian dollar reducing inbound
24.8%2				forecast		tourism, weakening economic conditions, with population growth slowing as a consequence. however, with population growth starting to improve there are signs the housing market is in the early stages of a modest revival. in conjunction with
WA						strengthening fundamentals the Queensland residential property market should improve further.
weighting		fy13		medium term		there are indications the western Australian residential property market is recovering. population growth has accelerated
12.2%2				forecast		while property prices have started to grow. short term prospects for the residential housing market should continue to improve while, longer term, the strength and duration of the residential property market will be related to how activity and
						the demand for labour pans out in the resource sector.

• 1) management forecast.

• 2) forecast revenue from lots under control at 30 June 2012, adjusted for mirvac’s share of JV, associates and mirvac’s managed funds.

by mirvac

fy13 q1 operational update 25 october 2012

pAge 11

guidAnCe

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Artist’s impression of ArrAy, yArrA’s edge, doCKlAnds, ViC

by mirvac

fy13 Q1 operAtionAl updAte 25 oCtober 2012

pAge 12

reAffirm guidAnCe

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	~~guidance range~~ ~~fy13~~ groupoperating proft $366 –$370m operatingeps 10.7 – 10.8cpss dps 8.5 – 8.7cpss

by mirvac

fy13 q1 operational update 25 october 2012

pAge 13

by mirvac

FOLLOW uS On TWiTTER @MiRvACiR MiRvAC MiRvAC invESTOR FY12 RELATiOnS PROPERTY WEbSiTE COMPEndiuM

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23 furzer street, phillip, ACt
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fy13 CAlendAr[1]

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	upcoming conference attendance: ~~t~~ ~~ti~~ ~~t~~
	~~Even~~ ~~Locaon~~ ~~dae~~ bank of America merrill lynch 3rd Australian reit Conference sydney 30-31 october 2012
	upcoming announcements: ~~t~~ ~~ti~~ ~~t~~
	~~Even~~ ~~Locaon~~ ~~dae~~ Annual general meeting sydney 15 november 2012
	mgr distribution Announcement — 18 december 2012
	december 2012 half year indicative distribution ex date — 21 december 2012

investor relations Contact t: (02) 9080 8000 e: investor_relations@mirvac.com

1) All dates are indicative and subject to change.

by mirvac

fy13 q1 operational update 25 october 2012

pAge 15

glossAry

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	~~Term~~ ~~Meaning~~ bp basis point
	bulky goods goods that are bulkyin nature;i.e. whitegoods,home furnishings
	Cpss Cents per stapled security
	dps distribution per stapled security
	ebit in the current reporting period, mirvac has revised its defnition of earnings before interest and taxes (“ebit”). mirvac considers interest income from joint ventures and interest income from mezzanine loans to be part of a business’ operations and should therefore form part of operating revenue. prior to fy11, interest income from joint ventures and interest income from mezzanine loans were shown as part of interest revenue. All historical ebit fgures in this presentation have been re-stated to refect the current defnition of ebit for comparability.
	eps earnings per stapled security
	fy financial year
	JV Joint Venture
	mAt movingAnnual turnover
	mpt mirvac propertytrust
	nlA net lettable Area
	sQm square metre
	wAle weighted Average lease expiry

by mirvac

fy13 q1 operational update 25 october 2012

pAge 16

disClAimer And importAnt notiCe

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Mirvac Group comprises Mirvac Limited ABN 92 003 280 699 and Mirvac Property Trust ARSN 086 780 645. This presentation (“Presentation”) has been prepared by Mirvac Limited and Mirvac Funds Limited (ABN 70 002 561 640, AFSL number 233121) as the responsible entity of Mirvac Property Trust (collectively “Mirvac” or “the Group”). Mirvac Limited is the issuer of Mirvac Limited ordinary shares and Mirvac Funds Limited is the issuer of Mirvac Property Trust ordinary units, which are stapled together as Mirvac Group stapled securities. All dollar values are in Australian dollars (A$).

The information contained in this Presentation has been obtained from or based on sources believed by Mirvac to be reliable. To the maximum extent permitted by law, Mirvac, its affiliates, officers, employees, agents and advisers do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation or that the information is suitable for your intended use and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This Presentation is not financial advice or a recommendation to acquire Mirvac stapled securities and has been prepared without taking into account the objectives, financial situation or needs of individuals.

Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation and the Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction.

To the extent that any general financial product advice in respect of the acquisition of Mirvac Property Trust units as a component of Mirvac stapled securities is provided in this Presentation, it is provided by Mirvac Funds Limited. Mirvac Funds Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Mirvac Funds Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services Licence. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Mirvac Funds Limited is a wholly owned subsidiary of Mirvac Limited.

An investment in Mirvac stapled securities is subject to investment and other known and unknown risks, some of which are beyond the control of Mirvac, including possible delays in repayment and loss of income and principal invested. Mirvac does not guarantee any particular rate of return or the performance of Mirvac nor do they guarantee the repayment of capital from Mirvac or any particular tax treatment.

This Presentation contains certain “forward looking” statements. The words “anticipated”, “expected”, “projections”, “forecast”, “estimates”, “could”, “may”, “guidance”, “target”, “consider” and “will” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and estimates provided in this Presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these statements. To the full extent permitted by law, Mirvac Group and its directors, officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions.

Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current year amounts and other disclosures.

This Presentation also includes certain non-IFRS measures including Operating profit. Operating profit is profit before specific non-cash items and significant items. It is used internally by management to assess the performance of its business.

This Presentation is not an offer or an invitation to acquire Mirvac stapled securities or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law or any other law. It is for information purposes only.

by mirvac

fy13 q1 operational update 25 october 2012

pAge 17